JPMorgan Chase CEO Jamie Dimon is set to visit Kenya in mid-October, marking his first trip to Africa in seven years.
The visit is aimed at expanding the bank’s presence in the region, with Dimon’s diary reading six other states he’s expected to tour in Africa.
These six include among others – Nigeria, South Africa, and Ivory Coast.
Currently, JPMorgan operates offices in South Africa and Nigeria, where it provides services in asset management, wealth management, and commercial and investment banking.
It is largest U.S. lender, with over $4.1 trillion in assets and operations spanning more than 100 countries.
JPMorgan has increasingly focused on international markets for growth. In 2018, Dimon signaled interest in expanding into Ghana and Kenya, although local regulators had previously slowed those efforts.
In February 2023, Kenyan President William Ruto announced JPMorgan had committed to opening an office in Nairobi following discussions with senior bank executives.
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This could materialize considering Dimon’s tour in Nairobi.
Global banks are intensifying efforts to capture a larger share of Africa’s sovereign debt and corporate transactions, analysts say.
They are also seeking to serve multinational companies operating across the continent.
According to Eric Musau, head of research at Standard Investment Bank in Nairobi, international lenders are eyeing growth by offering wealth management services that provide access to offshore equity, debt, and mutual funds.
Moreover, these global institutions are expanding their private banking services, aiming to stand out from local and regional banks, which dominate retail banking.
While most Africans rely on local banks for financial services, private banking is emerging as the next frontier, says Francis Mwangi, CEO of Kestrel Capital, a Nairobi-based brokerage.
